Building on an existing twenty-year partnership, Prada Group and the Franco-Italian eyewear conglomerate EssilorLuxottica have renewed their licensing agreement for ten years.
Prada chairman Patrizio Bertelli said EssilorLuxottica is âa trusted and long-standing partnerâ with whom the Milanese fashion group shares âa vision for the future of eyewear.â
âTogether we aim to deliver even greater innovations in the years to comeâ said Francesco Milleri, chairman and CEO at EssilorLuxottica.
Renewing the tie-up with Prada is a key win for EssilorLuxottica as several leading fashion groups have pulled back from licensing in recent years. LVMH and Kering have gradually internalised their eyewear businesses in recent years; Richemont flagship Cartier also produces its eyewear through Keringâs platform. EssilorLuxottica has in turn leaned on its owned brands like Oakley and Ray-Ban to power growth.
Prada Group, together with Hermès and Brunello Cucinelli, is one of the few luxury houses that have continued growing amid an overall market slowdown this year, reporting nine-month net revenues up 18 percent year-on-year. Pradaâs sister brand Miu Miu more than doubled quarterly retail sales, propelling the groupâs overall performance.
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How Prada Is Defying the Downturn
The Milanese group reported nine-month net revenues up 18 percent year-on-year, powered by eye-popping growth at Miu Miu, which more than doubled quarterly retail sales.
